QatarEnergy is set to take full ownership of Siraj Energy by acquiring the 49% stake held by its joint venture partner Qatar Electricity and Water Company (QEWC) for an undisclosed price.
In this connection, QatarEnergy and QEW have signed a share sale and purchase agreement, the closing of which is subject to customary approvals.
Siraj Energy was incorporated by Qatar Petroleum (now QatarEnergy) and QEWC in 2017. The objective of Siraj Energy has been to finance, construct, operate, and maintain solar power facilities, and selling the solar power produced within Qatar.
Siraj Energy has a 60% stake in Siraj (1), which is the owner and operator of the 800MW Al-Kharsaa solar photovoltaic (PV) power project in Qatar. The remaining 40% stake in the Al-Kharsaa solar power plant is held by a consortium of TotalEnergies & Marubeni.
Qatar Minister of State for Energy Affairs and QatarEnergy president and CEO Saad Sherida Al-Kaabi said: “This acquisition marks the transition of Siraj Energy to being a wholly owned affiliate of QatarEnergy, and is an important step for QatarEnergy in consolidating its position in the renewables business and in delivering its Sustainability Strategy mid-term target of generating 5 gigawatts of solar power by 2035.
“This acquisition brings the total solar power capacity within QatarEnergy’s direct control to 1,675 megawatts (MW) and brings all utility scale solar power generation projects in Qatar under QatarEnergy’s direct control.”
Following the closing of the deal, Siraj Energy will operate within QatarEnergy Renewable Solutions, which is the investment arm of QatarEnergy. QatarEnergy Renewable Solutions has a specific focus on investing in renewable and sustainable energy.
QatarEnergy’s deal to take 100% ownership of Siraj Energy follows the engineering, procurement, and construction (EPC) contracts it awarded in August 2022 for its industrial cities solar power project (IC Solar project) to Samsung C&T. The IC Solar project consists of the 417MW and 458MW PV solar power plants to be built in Mesaieed Industrial City and Ras Laffan Industrial City, respectively.
